• Duración:
    12 semanas
  • Dedicación:
    10–14 horas por semana
  • Precio:

    GRATIS
    Agregar un Certificado Verificado por $450 USD

  • Institución
  • Tema:
  • Nivel:
    Advanced
  • Idioma:
    English
  • Transcripción de video:
    English
  • Tipo de curso:
    Al ritmo del instructor

Programas asociados:

Prerrequisitos

  • Probability and Statistics (undergraduate)
  • Calculus (undergraduate)
  • Linear algebra (undergraduate)

Sobre este curso

Omitir Sobre este curso

Many of the most important financial decisions in business are done under uncertainty. This is the second course in the Foundations of Modern Finance series of courses, as part of the MicroMasters® Program in Finance. It provides you with the science behind making financial decisions under uncertainty.

We build on the core set of basic principles taught in the first part, and continue to develop a powerful and general framework for making financial decisions in business and in personal financial planning. We introduce financial derivative securities, and their valuation models, discuss the capital structure decision of firms, and explore the interaction between investing and financing.

At the center of financial decision making is the valuation problem. How much value does a business investment create? What is a fair price to pay for a financial asset? We develop models and analytics for measuring risk and for valuing financial assets. We apply valuation models to financial securities, including stocks and bonds, and to project valuation and capital budgeting.

The course is excellent preparation for anyone planning to take the CFA exams.

Lo que aprenderás

Omitir Lo que aprenderás
  • Valuation of futures, forward, and options
  • Portfolio optimization and the capital asset pricing model (CAPM)
  • Capital structure decisions within the firm
  • The interaction between investing and financing

Plan de estudios

Omitir Plan de estudios

Introduction to Finance

  • Financial decisions of households and corporations
  • Approaches to valuing financial and real assets
  • The role and the overview of financial markets
  • Financial Frictions
  • Unifying principles of finance

Market Prices and Present Value

  • Historic returns on asset classes: return and risk
  • State-space model for time and risk
  • Security prices, state prices and arbitrage pricing
  • Present Value (PV) and future value
  • Discount rates, time value and risk premium
  • Compound interest
  • Annuity and perpetuity formulas

Fixed Income Securities

  • Fixed-income markets
  • Term structure of interest rates
  • Properties of bond prices and market conventions
  • Inflation and real rates

Common Stocks

  • Discounted Cash Flow (DCF) model
  • Gordon model, multi-stage growth model
  • EPS, P/E, PVGO

Risk

  • Decision under uncertainty and expected utility theory
  • Risk aversion
  • Diversification and portfolio analytics
  • Systematic and idiosyncratic risks

Factor models and Arbitrage Pricing Theory (APT)

  • Factor models for risk
  • APT
  • Applications of APT

Market Efficiency

  • Efficient Market Hypothesis (EMH)
  • Implications of EMH
  • Empirical evidence on EMH

Introduction to Corporate Finance

  • Corporate financial decisions
  • Opportunity cost of capital and NPV
  • Financial objective of corporate managers

Capital Budgeting

  • NPV rules
  • Cash flow calculations
  • Alternatives to NPV
  • Project interactions
  • Capital budgeting and discount rates

Conoce a tus instructores

Leonid Kogan
Nippon Telegraph & Telephone Professor of Management and a Professor of Finance
Massachusetts Institute of Technology
Jiang Wang
Mizuho Financial Group Professor and a Professor of Finance, Sloan School of Management
Massachusetts Institute of Technology
Egor Matveyev
Senior Lecturer and Research Scientist in Finance, Sloan School of Management
Massachusetts Institute of Technology

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¿Quién puede hacer este curso?

Lamentablemente, las personas de uno o más de los siguientes países o regiones no podrán registrarse para este curso: Irán, Cuba y la región de Crimea en Ucrania. Si bien edX consiguió licencias de la Oficina de Control de Activos Extranjeros de los EE. UU. (U.S. Office of Foreign Assets Control, OFAC) para ofrecer nuestros cursos a personas en estos países y regiones, las licencias que hemos recibido no son lo suficientemente amplias como para permitirnos dictar este curso en todas las ubicaciones. edX lamenta profundamente que las sanciones estadounidenses impidan que ofrezcamos todos nuestros cursos a cualquier persona, sin importar dónde viva.